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RBI nod for Centurion Bank

MUMBAI, JAN. 20. The Reserve Bank of India has given its approval to the restructuring and recapitalisation programme of Centurion Bank. The board of directors of the bank can now implement the scheme of arrangement that has been approved by the high courts of Bombay and Karnataka.

The scheme of arrangement as approved by the shareholders and creditors inter alia, encompasses; the reduction in face value of shares from Rs. 10 to Re. 1 per share, transfer and vesting of the business of the Bangalore branch of Bank of Muscat with Centurion Bank, infusion of fresh capital and a rights issue. — Our Special Correspondent

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